The cattle market is mixed as feeders are up by triple digits but the fats are down 17 to 42 cents. USDA confirmed nearly 29k head of cattle were sold in the Thursday cash market, ranging from $178 to $181.50. The bulk of action in TX was mostly $4-$5 weaker near $180. The CME Feeder Cattle Index dropped another $1.12 on 11/08 to $237.01.
WASDE raised projected beef production for 2024 by 535 million lbs to 25.81 billion. Most of that came via +235m in Q1 and +160m in Q2. 2024 output is still projected 1.122b lbs below 2023, the latter of which saw 45m lb production cut in today’s report.
Friday morning Wholesale Boxed Beef prices were quoted as $299.93 for Choice, up by 51 cents, and as $267.90 for Select, down by $1.52. USDA showed the AM rib values at $540.06 cwt. for Choice and $430.01 for Select. FI cattle slaughter was estimated at 493,000 head for the week through Thursday. That is 3k lighter than last week and is down by 14k head compared to the same week last year.
Dec 23 Cattle are at $174.450, up $0.100,
Feb 24 Cattle are at $175.075, up $0.600,
April 24 Cattle are at $177.150, up $0.200,
Cash Cattle Index was $180.000, from $185.50 last week
Nov 23 Feeder Cattle are at $230.975, up $1.975
Jan 24 Feeder Cattle are at $227.175, up $2.250
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
